APPROACHES TO THE ESTIMATION OF THE VALUE OF HUMAN LIFE: WORLD EXPERIENCE AND RECOMMENDATIONS OF USE IN UKRAINE
Journal Title: Демографія та соціальна економіка - Year 2019, Vol 1, Issue
Abstract
Estimation of the value of statistical life is necessary for adequate state policy in the area of compensation payments to families of victims of various accidents, catastrophes, terrorist acts and other emergencies, as well as for the development of security measures at the state level, for health policy and emergency services, and for the functioning of a potential public health and life insurance system. The purpose of the current work was to build quantitative estimates of the value of statistical life (VSL), which can be recommended for use in the current socio-economic conditions of Ukraine, both during preventive measures to reduce the risk of emergency situations, and to establish compensation payments which can be recommended for use in modern socio-economic conditions of Ukraine: during preventive measures to reduce the risk to the health and life of the population as a result of emergency situations and their consequences, and to establish compensation payments associated with the loss of human life. Based on world experience and international comparisons, on the theory of human capital, the theory of utility, actuarial approach, the estimates of the VSL are obtained that can be recommended for use in the state. It is established that when conducting an optimization economic analysis of measures and the effectiveness of investments aimed at increasing the level of general security, it is recommended to use the VSL estimate at the level of 18 million UAH, which should also be taken into account when formulating the strategy of the socio-economic development of the state, while in the road transport industry this figure can be reduced to 3 million UAH. To determine the size of compensation payments in situations involving loss of life, the most correct approach is based on actuarial mathematics: it considers the random moment of risk realization (moment of the death). According to this approach, it is found that the amount of compensation payments related to the loss of life due to emergency situations is recommended to be at the level of 2.6 million UAH. It is also noted that monetary compensations at the level of 0.3 million UAH, as a result of the application of the utility theory, are not scientifically justified, since they were obtained without considering the randomness of the moment at which the risk was realized.
Authors and Affiliations
S. S. Kartashova, О. K. Schetinina, T. V. Kaneva
Keywords
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- EP ID EP560201
- DOI 10.15407/dse2019.01.182
- Views 127
- Downloads 0
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